Over 40% of Brits do not know how their pension is invested

By Tom Farley, Fri 7 Oct 2011 - Published in Pensions

Over two-fifths of Brits are not sure how their pension is invested, it has been claimed.

Research by Baring Asset Management (Barings) also revealed that over a third pick the default investment option for their retirement funds.

However, its report did highlight that one in five Brits have chosen the fund allocations for their pension - the highest recorded number it has seen since 2008.

Marino Valensise, chief investment officer at Barings, said: "Far too many people do not know how their pension has been invested and many are happy to accept the default setting which may not necessarily offer the best fit in terms of risk and reward."

Recent research by Prudential revealed that over a third of British workers admit to not having a pension in place.

Its study highlighted that this means around 15 million people are solely relying on the State Pension to fund their retirement.

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